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Study stacks
| Question | Answer |
|---|---|
| Acceptance | A risk-response strategy that iinvolvees accepting a risk consequence because the potential payoff is higher than the losses also known as risk retention or assumption |
| Audit Report | A document hat describes the accuracy and appropriateness of a business information processes or system |
| Avoidance | A risk respone stategy that involes of a corporate or product brand |
| Brand erosion | The deterioration or destruction of a corpate or product brand |
| Cheif risk officer | An executive responsible for a business risk management activites which including the planning controlling preventing and limiting of business losses and enchaing posibities for gain |
| Contingeny plan | Specific guideline and activites used when responding to undersirable circumstances an alternative course of action |
| Credit dowgrades | The reductions of a business credit rating or measure of relative credit risk usually accompanied by an increase in expenses and a decrease in creditworthiness |
| Environmental scan | A three step process in which businesses gather information on their surrounding analyze that information and determine is future impacts |
| Exchange rate | The price or vaule at which one currency can be converted to another |
| Fallback plan | Guidelines explaing what to do and how to recover if a contngency plan fails |
| Financial risks | Possible events and situations that directly impact a company cash flow |
| Hazard risks | Potential events and situations that can cause injury or harm to people property or the environment |
| Impact | The effect or influence of an event |
| Incident log | A record of accidents injries and other mishaps occurring at a particular business or in a certain department |
| Mitigation | A risk-response strateg that involves reducing or controlling the impact of a risk if it occurs |
| Operatinoal | Possible events or situations that are the result of employee action core processes and daily business activites |
| Proactive | Adapting to the environment in advance of the occurrence of event taking advantage of opportunities rather than reacting to problem |
| Probability | The likelihod an event will occur |
| Prospective risks | Risks that have not happened before but could occur in the furture. |
| Pure risk | A risk that carries the possiblilt of loss or no loss |
| Reactive risks | Risks that have reviuosly ccured |
| Risks | The possiblity of loss ( failure ) or gain ( succes ) |
| Risk - avers | Avoiding risk wheneer possible |
| Risk checklist | A standardized list of risks that a business faces on regular basis used to speed up the risks- identification process. |
| Risk identification | A risks management process that invlove recognizing risks that could impact a business objective and activities. |
| Risk impact/ probabilit chart | A framework used to determine the severit of risks if they occur used by risk managers to prioitize risks |
| Risk managemnt | A business actvit that involves the planning controlling prevning and limiting of budiness losses and enchaing possibilites for gain |
| Risk monitoring and control | A risks management process that involves determing the effectiveness of current risk-respone strategies and tools tracking existing risks monitoring new risks and devloping respoes and workarounds for previously unidentified risks |
| Risk management | A business activity that involves the planing controlling preventing and limiting of businesss loss and enchance possibilities for gain. |
| Risk register | A record or listing of risks that could potentialyy impact a business or project. |
| risk seeking | looking for way to turn risk into a strategic advantage or capital |
| risk tolerant | accepting risk when nescessary but not seeking risk |
| speculative risk | A risks that may result in loss no change or gain |
| strategic risks | Possible event and situation that can affect the execution of an organization long term plans |
| Transference | A risk response strategy that innvolves moving the impact of a risk to somone or something else. |
Created by:
Sreyes936
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